Cybersecurity Levy: Check out the four other charges Nigerians pay for e-banking transactions

The Central Bank of Nigeria (CBN) instructed all banks and other financial institutions to collect a Cybersecurity Levy for electronic transfers.

This was made known in a circular issued by the apex bank on Monday, May 6. The statement was issued to all commercial, merchant, non-interest, and payment service banks and will take effect in two weeks.

The statement followed a directive to a 2018 letter on compliance with the Cybercrime Prohibition and Prevention Act of 2015.

However, the CBN exempted loan disbursements and repayments, intra-bank transfers within the same bank or between the same banks for the same customer, and intra-bank transfers between customers of the same bank from the levy, reports Legit.ng.

Other transactions exempted from the levy include inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credit, and banks’ recapitalization-related funding.

Others are bulk fund movements from collection accounts, savings, deposits, and transactions involving long-term investments, among others.

Nigerians disclosed that the latest cybersecurity levy has added to multiple charges paid for electronic transactions by the banking public.

Below are some of the levies Nigerians pay on electronic transfers

1) Cybersecurity levy

2) Transfer fee

3) Stamp duties

4) Short Messaging Service (SMS)

5) Value Added Tax